We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
credit cards / rating after bankruptcy
forumer
Posts: 1 Newbie
in Credit cards
Hi All - VANQUIS WARNING!!!
this is just to warn people - following Martins advice I applied for a Vanquis Visa Card to try to re-establish my credit rating after having to go through bankruptcy.
Not only has this been a huge hassle but they increased the advertised interest rate from around 29% to 48/54% (purchase/cash) which was only revealed to me once the application had gone through. Following Martins very good advice to clear the card each month luckily I was not subjected to these ridiculous interest charges. However when I tried to change from the web access to paper only access (one or the other is free, but if you have both they charge 49p per month)via the website it didn't activate the change but added the paper statement and they then started to charge the 49p per month. After numerous attempts to change this on-line and by phone, and a letter of complaint - 6 months later they continue to charge me this on a monthly basis - as a result I have had to close the account (which I understand is not beneficial for a credit rating....). I have racked up about £10 in telephone costs (of course all their contact numbers are 0871 ones) not to mention the fees I have been illegally charged.... these are relatively small amounts but when you're being careful with every penny as many of us are these days it adds up..
So PLEASE... be careful (I'm pretty clued up and will be pursuing this with the FSA) I worry about people who suddenly find themselves with a huge interest charge without the means to make the payments... to a company that seems ruthless and as unhelpful as anyone can be...
Hope this helps someone...
Also Martin there is NO complaint against you and your advice - I read your site with interest and have saved lots of money thanks to you - i'm just passing on an experience...
Forumer
this is just to warn people - following Martins advice I applied for a Vanquis Visa Card to try to re-establish my credit rating after having to go through bankruptcy.
Not only has this been a huge hassle but they increased the advertised interest rate from around 29% to 48/54% (purchase/cash) which was only revealed to me once the application had gone through. Following Martins very good advice to clear the card each month luckily I was not subjected to these ridiculous interest charges. However when I tried to change from the web access to paper only access (one or the other is free, but if you have both they charge 49p per month)via the website it didn't activate the change but added the paper statement and they then started to charge the 49p per month. After numerous attempts to change this on-line and by phone, and a letter of complaint - 6 months later they continue to charge me this on a monthly basis - as a result I have had to close the account (which I understand is not beneficial for a credit rating....). I have racked up about £10 in telephone costs (of course all their contact numbers are 0871 ones) not to mention the fees I have been illegally charged.... these are relatively small amounts but when you're being careful with every penny as many of us are these days it adds up..
So PLEASE... be careful (I'm pretty clued up and will be pursuing this with the FSA) I worry about people who suddenly find themselves with a huge interest charge without the means to make the payments... to a company that seems ruthless and as unhelpful as anyone can be...
Hope this helps someone...
Also Martin there is NO complaint against you and your advice - I read your site with interest and have saved lots of money thanks to you - i'm just passing on an experience...
Forumer
0
Comments
-
Your complaining about 49p, can I just ask how much debt you got away without paying when you filed for bankruptcy?0
-
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.2K Banking & Borrowing
- 253.6K Reduce Debt & Boost Income
- 454.3K Spending & Discounts
- 245.3K Work, Benefits & Business
- 601K Mortgages, Homes & Bills
- 177.5K Life & Family
- 259.1K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards